AusUnity PFS invests in FOFA expertise

appointments/financial-planning/australian-unity/FOFA/financial-advice/australian-financial-services/advisers/compliance/

3 April 2013
| By Staff |
image
image
expand image

Australian Unity Personal Financial Services (PFS) has recruited lawyer Ian McDermott as head of risk and compliance. 

This is a new role created within Australian Unity PFS, according to CEO Steve Davis, who said McDermott would initially assist the group’s 110 advisers with the final details of the Future of Financial Advice (FOFA) transition. 

“More importantly, he will help Australian Unity and their advisers take advantage of opportunities arising out of FOFA and other regulatory changes as they take effect,” Davis said. 

Australian Unity PFS has been relatively ready for the legislative changes for some time now, but the recent release of some of the detail has made it clear there would be more work involved in complying with FOFA than the industry initially thought, Davis said. 

“This is disappointing and is contributing to what we see is a reasonably high level of unpreparedness in the industry,” Davis said. 

McDermott was previously a financial services/commercial lawyer at law firm Holley Nethercote, consulting to a range of Australian Financial Services Licensees in regard to their risk, compliance and other obligations under the law.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS